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Greeks worry about their savings despite assurances “deposits are fully protected”

Governor of Central Bank Giorgos Provopoulos felt the need on Wednesday to repeat for one more time the slogan we, here in Greece, have hearing since Sunday: that “deposits in Greek banks are full protected and thus regardless of the amount”. Officials feel the need to reitarate the same thing and give assurances to bank depositors after the merger between National Bank and Eurobank was called off by the Troika and having in mind the bad ‘template’ of Cyprus.

All bank deposits in Greece are fully protected regardless of amount, central bank head Giorgos Provopoulos said on Wednesday.

Greece΄s bank recapitalisation scheme and continued deposit inflows will help the country pull itself out of a deep recession, he told parliament.

He also said he was optimistic that Greek lenders Alpha Bank and Piraeus Bank would be able to raise enough capital from investors to remain in private hands after their planned recapitalization.

Provopoulos reiterated that all Greek deposits were safe and fully protected regardless of amount.  (via

To tell you the truth I don’t know if every time an official says ‘deposits are safe’, a bank client goes and picks up his savings.

But I know savers who consider several alternatives about the fate of their money. Some consider safe ways to hide them “under the mattress”, some wondering which banks in which country could be safe.

A friend has 5,000 euro in his savings account: almost the half will go to pay regular and emergency property taxes. He told me he considers to book a nice cruise and forget about his duties towards the state. “Even if I go to jail, I will have nice vacation memories,” he said and stressed he was fed up with worries about state or banks bankruptcies.

Unfortunately people in Greece have lost trust in government promises and deals heralding success that they do not materialize at the end of the day, the week, the month, the year…

PS Is it convincing to hear every second day that “Greek deposits are fully protected”?


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One comment

  1. giaoýrti giaoyrtáki

    In Spain people don’t put money under but, in a bank in their mattress, first edition already sold out: